Market Scenario of Sugar Industry in India
If it is about inclusive growth, sugar industry is amongst a few that has successfully contributed to the Indian economy across the vertical. The industry not only supports over 50 million farmers directly, but also generates employment for others involved in supply chain. Indian sugar industry is estimated to be $15 billion worth, where over 510 sugar mills operates which also produce Alcohol, green energy in addition to sugar.
Supply
India is second largest producer of Sugar in the world, with estimated production for 2017-18 seasons at 27.5 million tons (Sugar year is Oct to Sept). This shows a massive jump in production compared to last season production of 20.0 million tons, when central and southern Indian states cane crop suffered due to drought situation. Supply for the coming seasons is likely to stay healthy as better monsoonal rains have filled reservoir which act as major source of irrigation to the cane crop.
Demand
India is the biggest consumer of sugar in the world with around 20 kg per capita consumption annually. Country has been recording decent growth rate of ~ 2 percent in consumption during last decade. Although, demand took a hit during the last season, due to the demonetization and other tax related structural reform made by federal government. However, for the current season market estimates sugar consumption to grow to 25.0 million tons compared to last season consumption of 24.5 million tons. Additionally, there are currently no restriction for traders to hold sugar which can also lead to some stock building and helping to generate demand for the pipeline.
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This story is from the January - February 2018 edition of Business Of Agriculture.
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This story is from the January - February 2018 edition of Business Of Agriculture.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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